9911796707
TMI Blog2017 (9) TMI 1971X X X X Extracts X X X X X X X X Extracts X X X X ..... eal, assessee has raised the following Grounds of appeal:- "1(a). On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in allowing interest u/s. 244A on the refund amount only upto the date of refund voucher i.e. 29.03.2010 and not till the actual date of receipt of refund by the appellant i.e. 06.04.2010 and the reasons assigned by him for doing so are wrong and contrary to the facts and circumstances of the case, the provisions of the Income Tax Act, 1961, and the Rules made thereunder. 1(b) On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) ought to have allowed interest under section 244A of the Income tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the provisions of the Income Tax Act, 1961, and the Rules made thereunder." 3. Although the assessee has raised multiple Grounds of appeal, but the principal issue, as manifested in Ground no. 1(a) above, revolves around the period for which the interest is allowable to the assessee in terms of Sec. 244A of the Act on the refund due to the assessee as a consequence of the Assessing Officer giving effect to the order of the Tribunal. 4. In brief, the relevant facts are that the Assessing Officer passed an order u/s 143(3) r.w.s. 254 of the Act dated 19.2.2010 for the Assessment Year 2003-04 giving effect to the order of the Tribunal. At this stage, the Assessing Officer determined the refund amount of Rs. 87,58,52,409/- inclusive of int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee had actually received the refund voucher. Not being satisfied with the decision of the CIT(A), assessee is in further appeal before us. 5. Before us, the learned representative for the assessee has canvassed that there is no dispute so far as the grant of refund is concerned, but the assessee is entitled to receive interest on the refund upto the date when the refund voucher is actually received by the assessee. In support of the proposition, he has relied on the following decisions :- i) M/s. Novartis India Limited vs ACIT, ITA No. 1249 of 2010 dated 18.3.2011 (Mumbai ITAT) ii) Deutsche Bank A.G vs DDIT, ITA No. 3791 of 2010 dated 10.4.2013 (Mumbai ITAT) iii) CIT vs Pfizer Limited, 191 ITR 626 (Bombay) HC iv) CIT vs H.E.G. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T in ITA No. 6 of 2001 dated 17.7.2003, wherein the claim of the assessee for interest was upheld upto the date when the Pay Order is "actually received by the assessee pursuant to the order sanctioning the refund". Therefore, following the aforesaid precedents, in our view, the assessee is justified in seeking interest u/s 244A of the Act upto the date of receipt of the refund order, i.e. 6.4.2010. Thus, on this aspect, assessee succeeds. 8. Before parting, we may refer to the various Grounds raised by the assessee. At the time of hearing, it was a common point between the parties that consequent to the decision on Ground no. 1(a), which we have already decided in the earlier paras, the issues raised in balance of the Ground nos. 1(b) to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
